THINGS TO CONSIDER WHEN SELLING YOUR HOUSE

[Pages:23]THINGS TO CONSIDER WHEN

SELLING YOUR HOUSE

FALL 2019

EDITION

TABLE OF CONTENTS

WHAT'S HAPPENING IN THE HOUSING MARKET?

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5 Reasons to Sell This Fall

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What Experts Are Saying About the Market

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The Difference a Year Makes for Sellers

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Why Now Is the Perfect Time to Sell Your House

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Americans Rank Real Estate as a Best Investment for 6 Years Running

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Home Buyer Demand Will Be Strong for Years to Come

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What's the Latest on Interest Rates?

WHAT YOU NEED TO KNOW BEFORE YOU SELL

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Having a Professional on Your Side Makes a Difference

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Why You Shouldn't "For Sale By Owner"

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Tips to Sell Your Home Faster

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To Stage...or Not to Stage? That Is the Question!

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What You Need to Know to Properly Price Your Home

WHAT TO EXPECT WHEN SELLING YOUR HOUSE

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Is Your House "Priced To Sell Immediately"?

22 The Role Access Plays in Getting Your House Sold

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5 Reasons to Hire a Real Estate Professional

5 Reasons to Sell This Fall

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase...and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple of years, for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don't wait until additional inventory comes to market before you decide to sell.

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3. The Process Will Be Quicker Today's competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae's latest Origination Insights Report, the time needed to close a loan is 43 days. 4. There Will Never Be a Better Time to Move Up If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you're planning on selling a starter or trade-up home and moving into your dream home, you'll be able to do that in the luxury or premium market. According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. 5. It's Time to Move on with Your Life Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. That is what is truly important.

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What Experts Are Saying About the Market

We're in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the experts predict for the remainder of 2019. Here's what some of the top experts have to say: Ralph McLaughlin, Deputy Chief Economist for CoreLogic

"We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller's territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year."

Lawrence Yun, Chief Economist at NAR "We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates."

Freddie Mac

"The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months...The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity."

Bottom Line If you're thinking of selling, now may be the time. Demand for your house will be strong, particularly when buyers are looking to lock in at low mortgage rates.

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The Difference a Year Makes for Sellers

According to First American, the two leading obstacles to homeownership buyers feel today are Affordability and Limited Inventory. Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another one to buy.

Inventory shortages have been a constant concern for potential buyers throughout recent years, and new research shows that the same concern is still apparent, but is starting to decrease among potential buyers. The decrease in fear of limited inventory delivers a wealth of good news for sellers.

At the same time, over the past 12 months, we've seen over 4-months inventory coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers thinking it is time to make their move now ? and rightfully so!

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To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Mac says, "...In the near-term, we expect the housing market to continue to improve from both a sales and price perspective." Many experts, like Sam, believe the latter portion of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move. Bottom Line What a difference we've seen over the course of this year! If you're thinking of selling, now is the time to make your move.

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Why Now Is the Perfect Time to Sell Your House

As a homeowner, it's always tempting to dream about the next big project you're going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on. In today's housing market, it's actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here's why: Inventory is over a 4-month supply, but that's still an overall shortage of houses for sale (less than a 6-month supply found in a normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors? Confidence Index Survey reports that right now homes are only staying on the market for an average of 29 days. That's less than one month, an even more accelerated pace from the 36-day trend we saw last spring.

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